Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 100 - REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING
Section 100.90 - Submission of Budgets and Deficit Reduction Plans
Current through Register Vol. 48, No. 12, March 22, 2024
Each school board, including the board of education of a district organized under Article 34 of the School Code [105 ILCS 5 /Art. 34], shall annually submit its adopted budget to the State Superintendent of Education, using a format provided by the State Superintendent, within 30 days after adopting the budget or by October 31, whichever occurs sooner. The budget shall be accompanied by a deficit reduction plan, prepared using a format provided by the State Superintendent, if one is required under Section 17-1 of the School Code [105 ILCS 5/17-1 ].
a) If amendments to a balanced budget result in an unbalanced budget, the school board shall prepare and adopt a deficit reduction plan and submit it along with the amended budget to the State Superintendent within 30 days after adoption.
b) If the annual audit reveals that a budget would have been unbalanced if it had been properly amended, the school board shall submit a deficit reduction plan within 30 days after the board's acceptance of the audit report.
